DoubleVerify Holdings Inc
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
DV$13.57+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · Year Ended December 31, | |||||||||
| (in thousands) | 2024 | 2023 | 2022 | ||||||
| Operating activities: | | | | | | | | | |
| Net income | | $56,231 | | $71,466 | | $43,268 | |||
| Adjustments to reconcile net income to net cash provided by operating activities | | | | | | | |||
| Bad debt expense | | 4,993 | | 10,075 | | 5,033 | |||
| Depreciation and amortization expense | | 45,215 | | 40,885 | | 34,328 | |||
| Amortization of debt issuance costs | | 442 | | 294 | | 294 | |||
| Non-cash lease expense | | 7,164 | | 6,727 | | 7,339 | |||
| Deferred taxes | | (21,653) | | (25,046) | | (19,581) | |||
| Stock-based compensation expense | | 90,658 | | 59,244 | | 42,307 | |||
| Interest expense, net | | 60 | | 68 | | 107 | |||
| Loss on disposal of fixed assets | | — | | 5 | | 1,353 | |||
| Impairment of long-lived assets | | — | | — | | 1,510 | |||
| Change in fair value of contingent consideration | | | — | | | (1,193) | | | — |
| Other | | | 3,338 | | | 492 | | | 87 |
| Changes in operating assets and liabilities, net of effects of business combinations | | | | | | | |||
| Trade receivables | | (26,702) | | (43,691) | | (49,765) | |||
| Prepaid expenses and other assets | | (11,352) | | (5,591) | | 9,094 | |||
| Trade payables | | (1,067) | | 5,476 | | 2,884 | |||
| Accrued expenses and other liabilities | | 12,337 | | 530 | | 16,604 | |||
| Net cash provided by operating activities | | 159,664 | | 119,741 | | 94,862 | |||
| Investing activities: | | | | ||||||
| Purchase of property, plant and equipment | | (27,149) | | (17,009) | | (39,981) | |||
| Acquisition of businesses, net of cash acquired | | — | | (67,240) | | — | |||
| Purchase of short-term investments | | | (99,629) | | | — | | | — |
| Proceeds from maturity of short-term investments | | | 81,937 | | | — | | | — |
| Net cash used in investing activities | | (44,841) | | (84,249) | | (39,981) | |||
| Financing activities: | | | | ||||||
| Proceeds from revolving credit facility | | | — | | | 50,000 | | | — |
| Payments to revolving credit facility | | | — | | | (50,000) | | | — |
| Payment of contingent consideration related to Zentrick acquisition | | — | | — | | (3,247) | |||
| Proceeds from common stock issued upon exercise of stock options | | 3,315 | | 10,666 | | 5,803 | |||
| Proceeds from common stock issued under employee purchase plan | | 3,531 | | 2,723 | | 1,734 | |||
| Payments related to offering costs | | — | | — | | (6) | |||
| Finance lease payments | | | (2,475) | | | (2,314) | | | (1,924) |
| Shares repurchased under the Repurchase Program | | | (127,999) | | | — | | | — |
| Shares repurchased for settlement of employee tax withholdings | | | (5,822) | | | (4,586) | | | (10,244) |
| Net cash (used in) provided by financing activities | | (129,450) | | 6,489 | | (7,884) | |||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | | (1,889) | | 338 | | (784) | |||
| Net (decrease) increase in cash, cash equivalents, and restricted cash | | (16,516) | | 42,319 | | 46,213 | |||
| Cash, cash equivalents, and restricted cash—Beginning of period | | 310,257 | | 267,938 | | 221,725 | |||
| Cash, cash equivalents, and restricted cash—End of period | | $293,741 | | $310,257 | | $267,938 | |||
| | | | | | | | | | |
| Cash and cash equivalents | | $292,820 | | $310,131 | | $267,813 | |||
| Restricted cash - current (included in Prepaid expenses and other current assets on the Consolidated Balance Sheets) | | | 33 | | | 126 | | | 125 |
| Restricted cash - non-current (included in Other non-current assets on the Consolidated Balance Sheets) | | 888 | | — | | — | |||
| Total cash and cash equivalents and restricted cash | | $293,741 | | $310,257 | | $267,938 | |||
| Supplemental cash flow information: | | | | ||||||
| Cash paid for taxes | | $41,929 | | $60,883 | | $12,351 | |||
| Cash paid for interest | | $479 | | $714 | | $554 | |||
| Non‑cash investing and financing transactions: | | | | | | | |||
| Right-of-use assets obtained in exchange for new operating lease liabilities, net of impairments and tenant improvement allowances | | $14,091 | | $2,547 | | $71,979 | |||
| Acquisition of equipment under finance lease | | $— | | $5,479 | | $— | |||
| Capital assets financed by accounts payable and accrued expenses | | $6 | | $261 | | $12 | |||
| Stock-based compensation included in capitalized software development costs | | $2,140 | | $1,103 | | $480 | |||
| Accrued excise tax on net share repurchases | | $668 | | $— | | $— | |||
| Common stock issued in connection with acquisition | | $— | | $52,937 | | $— | |||
| Liabilities for contingent consideration | | $— | | $1,193 | | $— | |||
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